Real Estate Chapter 5
Terms
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- All active real estate brokers are required to have and do two things
-
have an office
register with DBPR - The brokers primary office is referred to as
- principal office
- Are sales associates permitted to open offices of their own?
- no. associates must be registered from and work out of their employers office
- If a broker desires to conduct business from additional locations, what must be done?
- the broker must register each additional location as a branch office and pay the appropriate fees
- True or False. Registrations issued to branch offices are transferrable.
- False
- Where must active real estate brokers display a sign?
- on either the interior or exterior of the entrance
- The real estate brokers sign must contain the following information
-
Broker's Name
Trade name if used
The words "Licensed Real Estate Broker" - The names of sales or broker associates may be placed where on a RE sign?
- below the name of the broker separated with a line or observable space
- A real estate licensee is deemed to be this
- a professional with expert knowledge regarding real property
- an advertisement that provides only a P.O. Box number, telephone number, and/or street address is considered to be this
- a blind advertisement
- Telephone law concerning telephone solicitations
- TCPA Telephone Consumer Protection Act of 1991
- All cash or cash-like property entrusted to a licensee must be placed immediately where?
- in an escrow (trust) account
- sales associates have until when to deliver earnest money deposits to their broker-employer
- the end of the next business day
- Brokers must place trust funds in their escrow account no later than
- the third business day after the sales associate has received it
- This person's approval must be obtained before accepting a post dated check
- the seller
- this must be obtained if money is placed in an interest bearing account
- written authorization
- The amount of time records must be kept
-
5 years
2 years beyond the conclustion of any court proceedings - the illegal practice of mixing a buyer's,, seller's, tenant's, or landlord's funds with the broker's own money
- commingle
- This must be reviewed signed by the broker every month
- monthly reconciliation
- the unauthorized contgorl or use of another person's personal property
- conversion
- This occurs when the buyer and seller make demands regarding the disbursing of esrowed property that are inconsistent and can not be resolved
- conflicting demands
- If a broker has a good-faith doubt as to which party should receive the escrowed property, the broker must notify FREC within how many days, in writing?
- 15 days
- Four settlement procedures relating to escrows (acronym)
-
MALE
Mediation
Arbitration
Litigation
Escrow disbursement Order (EDO) - Brokers must institute one of the settlement procedures within how many days of receiving conflicting demands?
- 30 days
- Any broker who collects, receives, or contracts for an advance fee for a listing to sell, lease or rent property must put this percentage into a special account called this
-
75%
advance fee trust account or
advance fee escrow account - Brokers who collect advance fees must furnish each seller with a verified copy of all accounting records related to the advance funds how often?
- each calendar quarter
- violation of the advance fee requirements is this
- a misdemeanor of the first degree
- on a rental reciept or contract if you do not obtain a rental you are entitled to recieve what percentage of the fee paid if you make a demand in 30 days
- 75 %
- This is the term used to describe a licensee's boasting of a property's benefits
- Puffing
- A broker may place a lien on real property for nonpayment of commisssion only if
- it is expressly authorized in a contractual agreement
- Effective this date brokers can place a lien on the owner's net proceeds for the sale of COMMERCIAL real estate
- October 2005
- All monies earned by a sales associate for real estate services must be paid by whom?
- His or her employer not the buyer or seller
- When a broker recieves money from someone other than the buyer or seller, it is usually considered this
- a KICKBACK and must be fully disclosed to all parties
- sales associates who change employers have how many days to notify FREC of the change?
- 10 days
- If the only active broker of a brokerage corporation dies,resigns or is removed the vacancy must be filled within how many days?
- 14 days